"Our sale of banking technologies has recently increased
significantly in Latvia, so we decided to participate in the market
of that country even more actively," said Eduardas Vaigauskas,
director of the company's banking technologies.
Penki Kontinentai has been already working with four Latvian banks:
Latvijas Unibanka, Latvijas Krajbanka, Latvijas Multibanka and
Rietumu Banka, Vaigauskas said.
The Lithuanian company has supplied banking installations for 5.41
million litas ($1.35 million) to Latvia since 1997. Unibanka alone
will be provided with some 1.7 million litas' worth of banking
installations by December, Vaigauskas said.
Penki Kontinentai currently controls about 50 percent of the Latvian
banking technologies market, and the establishment of the subsidiary
company is expected to raise that share considerably, Vaigauskas said.
"The banking technologies market, however, depends heavily on
specific orders from major customers," he said, saying that his
department's Latvian turnover may range between 3 million litas and 8
million litas next year. Latvian banks pay special attention to
quality, therefore Penki Kontinentai sells more Siemens Nixdorf
installations, which are more expensive, in Latvia than in other
countries where the Lithuanian company operates, said Vaigauskas.
Penki Kontinentai sells Siemens Nixdorf banking technologies in 10
countries around the world. The Lithuanian company has recently won a
15 million litas contract to supply banking technologies to the
Kazakhstani bank Halyk.
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